Its French and British private banking operations will stay where they are for now, although the bank plans to fold them into UBS Europe SE in the future.

UBS has been planning the wealth management merger for years and London, Luxembourg and at one point Milan were all considered as potential headquarters for the subsidiary, which retains a network of branches across Europe .

While a spokesman for the Swiss bank insisted the decision to pick Frankfurt “had nothing to do with Brexit”, the move is nevertheless is a fillip for the German city following the EU referendum.

Frankfurt, along with Paris, Dublin and other European cities, is attempting to lure business away from London in the wake of the June vote to leave the EU.